Answer to Question 1
A
Answer to Question 2
a) The market for smart phones in Techland is an example of an oligopoly with homogeneous products. Firms in an oligopoly with homogeneous products often enter into a price war to increase their market share. Each firm cuts its price slightly below its rival's price to capture a larger market share. Because their goods are perfect substitutes, the price-cutting firm faces the entire market demand. This continues as long as the rival's price exceeds marginal cost. In equilibrium, all the firms charge a price equal to marginal cost and earn zero economic profits.
b) The firms can enter into a collusive agreement and decide to set prices jointly. They can coordinate and act like a monopoly. In this case, each firm will charge a price equal to that charged by a monopolist. At this price, each firm will face one-third of the market demand and earn one-third of the total profit earned by a monopolist.
Evaluating the Physical Characteristics of Urine
Better land and water management and appropriate crop selection can help eliminate hunger
Characteristics of the Solstices and Equinoxes
Important Land Ecoregions
Offset Method Plot of Land with Offset Lines
Plot of Land (Modified Offset Method)